Trump to nominate Treasury official as new head of Small Business Administration

President TrumpDonald John TrumpTrumps light 97th annual National Christmas Tree Trump to hold campaign rally in Michigan 'Don't mess with Mama': Pelosi's daughter tweets support following press conference comments MORE on Thursday announced he will nominate Treasury official Jovita Carranza to lead the Small Business Administration, replacing outgoing leader Linda McMahonLinda Marie McMahonIvanka Trump urges support for groups that 'uplift' Baltimore amid father's criticism of city Trump campaign describes Corey Stewart super PAC as 'unconscionable' Pro-Trump group plans to spend 0M in six battleground states MORE.

"Jovita was a great Treasurer of the United States – and I look forward to her joining my Cabinet!" Trump tweeted.

Carranza is currently treasurer of the United States, where she advises Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Congress races to beat deadline on shutdown | Trump asks Supreme Court to shield financial records from House Democrats | House passes bill to explicitly ban insider trading Hillicon Valley: Pelosi works to remove legal protections for tech companies from USMCA | Treasury sanctions Russian group over 0 million hack | Facebook sues Chinese individuals for ad fraud | Huawei takes legal action against FCC Mnuchin to lawmakers: 'I'm highly encouraged you will' pass Trump's North America trade deal MORE, works with the Federal Reserve and oversees the department's Office of Consumer Policy.

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Carranza previously served as the deputy administrator to the Small Business Administration during George W. Bush's presidency. She is the founder of JCR Group, a consulting firm for supply chain management operations.

Her nomination requires Senate confirmation.

Trump and McMahon announced last week that the former pro-wrestling executive would depart the administration, effective April 12, to take a job with a political group supporting the president's reelection efforts.

McMahon, 70, joined the Trump administration from the outset in early 2017 and for two years oversaw efforts to spur small business growth.

She will now serve on the board at America First, a pro-Trump super PAC backing the president's 2020 reelection bid.

Trump and McMahon knew each other previously from her time as CEO of WWE. McMahon helped found the company with her husband, Vince McMahon, and Trump has appeared at WWE events and was inducted into its Hall of Fame in 2013.

"The fact is that I've known her for a long time," Trump said of McMahon as he announced her departure at his Mar-a-Lago resort in Florida. "I knew she was good, but I didn’t know she was that good. She’s been one of our all-time favorites."

Updated at 8:40 p.m.